Friday, May 30, 2008

Senior officials in the Labour party, including Gordon Brown, could become personally liable for millions of pounds in debt unless new donors can be found within weeks, the Guardian has learned.

The party has five weeks to find £7.45m to pay off loans to banks and wealthy donors recruited by Lord Levy, Tony Blair's former chief fundraiser, or become insolvent. A further £6.2m will have to be repaid by Christmas - making £13.65m in all. The sum amounts to two-thirds of the party's annual income from donations.

The figures are a conservative estimate as they do not include interest that will also have to be paid. A Labour source said that although the total debt was listed as £17.8m on the Electoral Commission website, the true level, with interest, was nearer to £24m.

The possibility that party officials and members of its national executive committee could become liable is being taken seriously by union leaders, and has been underlined by the decision of equity fund chairman David Pitt-Watson not to accept the post as Labour's general secretary.

I thought the news about Labour going bust was great but this is fantastic news. I hope every single one of those scheming treacherous crooks gets bled dry of all their money. That punishment would be suitable for what they have done to the country. It’s just a pity that Blair won’t be punished even a little bit.

I can just see it now. Gordon Brown having to beg on the streets of Scotland just to feed himself. Then again if Scotland gets their independence he’ll get off without having to pay if he stays in Scotland because it will be a foreign country. Maybe he was planning it all along…